Milestone Group extends Nexstar agreement with Black Cactus

Digital media and technology solutions provider Milestone Group announced the extension of an agreement between its Nexstar joint venture partner Black Cactus Holdings and fintec solutions firm Benefits on Madison on Wednesday.

The AIM-traded firm said the extension of an existing agreement between Black Cactus and Madison now included Nexstar as an affiliated partner of Black Cactus.

Under the agreement, Madison has appointed Nexstar as an independent sales organisation, allowing Nexstar to issue prepaid and debit cards, promote, market and solicit orders for Benefit on Madison's range of stored-value prepaid debit card services to resellers, and to customers and cardholders directly.

Nexstar would earn a percentage of all transactions from the use of the prepaid and debit cards.

The board said the addition of the services built on the suite of products already provided by Black Cactus, positioning Nexstar to pursue a broader range of clients and solutions targeting unbanked or underbanked customers, concierge programmes and insurance products, in addition to the existing trading, exchange and blockchain technology platforms.

It said Nexstar was already in discussion about the new services with several high value clients and aimed to sign its first new contract before the end of 2016, for launch in the first quarter of 2017.

“The additional capability provided by this agreement in terms of access to products and range of services is significant,” said Milestone CEO Deborah White.

“We will be actively promoting these services through our existing Passion Project partner networks and as already mentioned we have a pipeline of interest already in discussion.”